We are ( or should we say were ) purchasing aparrtment 313, Waterside Quay and are adding our weight to this group.

Our Bulgarian solicitor is asking do we want to receive a penalty or cancel the contract for this development and she is ready to send out a notary invitation of court proceedings to prove the case.

However we don't know.

Will we actually get our money back if we declare the contract void due to non performance for 6 months ???

Also, we agree with the comment from RRANDERSON on July 16th that should the project eventually work we would be happy because we like every thing about it.

THIS MORNING WAS TOLD DR ON HOLIDAY UNTIL WEDNESDAY.

BUT...RJ IS IN THE OFFICE NEXT WEEK. 

NO FURTHER WITH SIGNING OFF THE UPDATE APPARANTLY.

Did anyone see the article in The Mail on Sunday ref Bulgarian Dreams and the bulgarian market generally?

Quote :  internet sites such as mybulgaria.info and talkbansko.com have been filled with posts from buyers complaining about developments sold by Bulgarian Dreams.

The article goes on to report on specific developments - this one not included . It confirms that Bulgarian Dreams was expelled in Feb by AFPP for breaching its code of conduct and refusing to co-operate in dispute proceedings.  The bulgarian government have declared the cost per square metre in all tourist resorts as a max of 500 euro and confirms that work on a large number of complexes have been halted due to falling foul of bulgarian planning regulations.

The report covers the partners in the firm Robert Jenkin and his wife Maria Georgieva and points out that dispite previous denials that the pair have any commericla interests in any of the bulgarian developments she holds 3/4 of the stock in a firm called Interart Group which is the developer behind the Cedar Lodge3 scheme in Bansko.

Robert Jenkin was a 33% shareholder in Interlink BG which built the original Cedar Heights complex and the windows to Paradise complex.  The article mentions an action group formed to take over the running of Cedar Heights on behalf of the owners but give no additional information or advice on what to do next.

Dismal reading really.

Ref the last entry from pagey we asked the very same question in a detailed letter to the developer which we copied to BG (for their info only), after our Bulgarian solicitor stated they agreed with our letter contents and the reliance we placed on the contractual definition.

Whilst the developer has failed to acknowledge the letter, BG (DR) did reply with a somewhat contradictory message (i.e. the letter started along the lines that they were equally in the dark despite requests from them to the developers, but, then went on to rubbish the reliance we sought on the contract stating it was only our solicitor's opinion !! ... strange position for someone who said they knew not what was going on !!!!).

However, suffice to say the solicitors are clear that the contract get-out clause is unequivocal.

Our next step is for the solicitor to write in more formal terms to Laguna.

We are not rushing to get out as we would actually like the project to be finished as we really like everything about it except the delay !!!

We continue to wait with (optimistic) interest !

We also have an interest in another Bulgarian investment which although on time has had some teething problems whereby the owners are getting together to form a group that are meeting with the developers to sort things out and it seems this weight of communal pressure is paying off - we may need to consider something similar ?

  Hi all - it appears that the recent postings bring slightly more comforting news albeit that another year of rental opportunity will have expired for those of us who purchased the property for rental purposes.  I have today written to david at BG and asked for his confirmation of my correct interpretation of two of the clauses in the Contract ie6.2 and 6.6 which i have copied below for ease of reference.  In my opinion, whether the delay has been caused by negligence or circumstances beyond the sellers control we as buyers are able to pull out of the agreement and receive full refund for the same after 31st July.

I will update this site with his reply when received for any purchasers who might be considering declaring this particular venture a mistake. 

• ·         Clause 6.2 provides for compensation from the Seller for unperformed activities from 60^th day of the delay. Given that completion is quoted within the Contract as being between October 07 and January 08 this clause expired on 1^st April at the latest.
• ·         Clause 6.2 also provides for a provision for the Buyer to declare the Contract voided due to non-performance after the expiration of 180 of the delay at which point the Seller is obliged to immediately refund to the Buyer all the amounts paid by the Buyer together with interest equal to the average 3 month Euro Libor rate plus 15 points annually.  By my calculations 180 days after 31^st January expire on 30^th July 2008.
• ·         Clause 6.6 provides for delays caused by force-majeure or other objective reasons which make the performance of the party’s obligations impossible despite their will. This cause provides for each of the parties to be able to declare the contract void after 6 months. In my calculations this clause comes into play on 31^st July 2008.

Appears from Companies House that this Co. has no overseas interest and last had books up to 1998, so hopefully seems to be a different Co.

Name & Registered Office: LAGUNA INVESTMENTS LIMITED 30 FINSBURY SQUARE LONDON EC2P 2YU Company No. 02880113

Status: Liquidation Date of Incorporation: 13/12/1993 Country of Origin: United Kingdom Company Type: Private Limited Company Nature of Business (SIC(03)): 9305 - Other service activities Accounting Reference Date: 30/09 Last Accounts Made Up To: 30/09/1998  (ACCOUNTS TYPE NOT AVAILABLE) Next Accounts Due: 31/07/2000 OVERDUE Last Return Made Up To: 13/12/2002 Next Return Due: 10/01/2004 OVERDUE Last Members List: 13/12/2002 Insolvency History Previous Names: No previous name information has been recorded over the last 20 years. Branch Details There are no branches associated with this company.

Regarding the court case mentioned below our solicitor in BG states insufficient info from this to determine if the party concerned is the same:

With regards to this limited information I can not tell is it related or not. It is possible to be related and in case it is the information is not positive.

RDNSK – the counter party – is the State Agency that inspects the construction process and for some reasons they have issued some ordinance against Laguna Invest

Hi all

Just a quick email to advise I have today submitted a complaint to the European Estate Agents Union which Bulgarian Dreams advertise being a member of. I will update the site when I have a reply.

Hi all - am not sure whether the following company has any connection with the Laguna Investments we are dealing with here but someone has brought to my attention that the following company has recently gone into liquidation - the address is nothing like the one we have for the bulgarian offices but are they the head offices?

LAGUNA INVESTMENTS LIMITED
30 FINSBURY SQUARE
LONDON
EC2P 2YU
Company No. 02880113

does anyone know how we can check if the two are interlinked?

Ref the last message I have sent the link to our solicitor in Bulgaria (DPC) to check.

By way of an update to our own situation our lawyer also recommended that the detailed letter we drew up stating all the sections of the contract we were seeking reliance on ref the delays and their failure to notify details should be sent (this being the second letter we have sent) and, if no response is forthcoming, they will translate and send from them as our solicitors, as opposed direct from the buyers, to try and step up the pressure.

Hi all.

Laguna Investments Ltd

Apt 1 j.k. Chaika 195

Varna

Bulgaria

This is the address we used, bearing in mind there was no reply or acknowledgement !!

Hi all. Have just received the following update from David at Bulgarian Dreams:-

Like everyone else my emails, calls and letters have been in vain. I await with interest ( and dread) the outcome of your recent correspondence rranderson.  In the meantime as your solicitor seems on the ball is there any chance you could send me his/her details.

many thanks

By way of an update to our earlier entry (8 May) , the letter we sent (Recorded Delivery) on 1 May to the Developer (and copied to BD) seeking all information in their possession as to the delay relative to their contractual obligation to keep buyers updated has never been replied to or even acknowledged, by either. So surprise there - but the recorded delivery allows this to be evidence of receipt (and failure to reply) in the future.

We have constructed a further more lengthy and detailed letter setting out every part of the contract we seek reliance upon,  including asking them to confirm the actual day the 180 day full repayment (with interest) clause becomes actionable. This letter is under consideration by our Bulgarian solicitor as to deciding the next step, but without prejudice, as we intend to keep all options open.

We will of course update when we hear anything by way of reply or any solicitor advice.

Glad to finally read in full the AIPParticle.  We had heard rumours relating to this problem reported in the press mid March.  Awaiting our update which app. just has to be sanctioned by the developer.  Discussion with D @  bd included  verbal assurance (100%)  that the development will be completed.  The awaited document leaves work for the imagination, to say the least!

hello

thanks to 2 tigers for the info about the kebira temple.

i have asked the question about that to an agent in balchik and he confirmed that the excavation of the temple was at the heart of balchik town,and not at the white lagoon.

Hi all

I have spoken to Bulgarian Dreams today and they have said that David Reynolds is out of the office until Tuesday next week (10th June) and apparently we will receive our letters of explanation soon after.

We've just returned from a quick visit to  balchik and there has been no progrees since our last visit in september.the only presence on site is a watchman.The whole site is looking very neglected with weeds growing through the surrounding area.

However construction around the white lagoon  is going ahead at a pace with new projects appearing all the time.

After talking to a representative of the builder at a site near to the lagoon we get the impression that there is a local planning or legal problem causing the site to have  been closed since last summer. 

Hi

Just thought I'd post a message to register myself as another anxious Waterside Quay purchaser!!  No news other than that I too have been unable to get hold of BD.  If we don't start getting answers soon, I think the best way forward is to team up and get this sorted as a group.

HI all,

So glad to have found this blog and to find im not the olny one with this problem!

I have received an interesing email today from my solisitor in BG, They have said that the reason for the delays are due to the mayor of Kavarna did not allow doing any kind of construction work during the summer holiday! this is strange as i went in June and there were numerous works going on around the area!

Good news is the development is apparently close to completion and they are preparing all necessary documents for us to receive (act 15).

They also promised to send on latest Pictures, i will add them when received!

Thanks

P.s interesting one, has anyone tried ringing BD to enquire about buying a property!? they still seam keen to sell!!

Please substitute the word COMPLEX for BLOCK.  Thankyou.

We have been told from David last Monday at bg that the facts concerning the 'slowing down' of progress will be explained by mail hopefully prior to the end of May.  It was quite easy to accept that this outcome, after so long, is too big an issue to discuss with purchasers on the 'phone. 

We have been very excited at the prospect of owning an apartment in such an exciting development in such a superb location. Hence the mega dissapointment of recent findings!

We hope to get this verification, as prior to finding this message board we were just trying to sort the answers to our questions, after our calls to bg as nothing was 'concrete' We were unable to plan further.  eg is it not in the furniture contract that the furniture package, if not inspected in a short space of time after completion will not be the furnishers responsibily to make good?  as well as the notary act to sort,& final  payment due.

Have just been on 'waterside quays' via Google.

I have just found... APARTMENT BLOCK!!   for sale.  This WAS  Waterside Quays.....   &, when viewing  it showed 

                                         this property is no longer listed.

just another piece of information for our message board. 

 I was very surprised to see the block for sale to say the least.

We appointed our solicitor over 1 year ago for a set fee, so we are not in competition with anyone.

If we were only considering ourselves we would not have made so many posts on this site for the benefit of others.

HELLO MR ALANC

HAVE YOU GOT AN UPDATE FROM REYNOLDS WE ARE THE 10TH TODAY,AND HE WAS SUPPOSED TO GET AN UPDATE ON THE 7TH.

KIND REGARDS

CHERIF

HI

IT SEEMS TO ME THAT EVERY BODY IS COMPETING AGAINST EACH OTHER TO PROVE WHO'S SOLICITOR IS BEST.REMEMBER THAT SOLICITORS ARE VERY GOOD AT ONE THING.TAKE YOUR MONEY AS QUICKLY AS POSSIBLE.

THE OTHER FUNDAMENTAL THING YOU VE GOT TO REMEMBER IS WE ALL ARE ON THE SAME BOAT.SO TRY TO THINK AS A GROUP NOT INDIVIDUALLY.

REGARDS

rranderson you are correct I feel that BD are as much in the dark as us but you seem to be getting some results in finding information.

we are about to appoint a lawyer in varna (dynamic solutions) to investigate and represent us.At present the only way forward appears to be chasing the developer if we can find out anything further we will post it here

We have sent off a letter ('recorded delivery' - to prove receipt) to the developer (Laguna Investments) in Bugaria and BD (London registered office) requesting all information currently in their knowledge as to the delay, expected completion and asked they comment on the alleged fact that no construction at all has been undertaken since the last update on the BD website where photos are dated 25 July 2007.

In addition we have asked them to confirm that, by our reckoning, the 180 day afterwhich the contract can be declared void will be 29 July 2008, when the terms of penalty clause in the contract for full refund plus interest will be enforceable.

A further enquiry on our behalf by our Bulgarian solicitor with BD's solicitor only repeated the earlier information relative to the construction bans and added there were water and electricity supply issues but semed to suggest that despite all of this the Article 15 notice was expected at the end of this month when, supposedly the final payment would be sought !!!  which does not seem logical if construction is so far behind.

I have also heard there was a historical site identified in the balchik area and the land was being sought y the local authority and was affecting construction, however I have been assured that this is not the WQ site.

I notice the last posted message reference to photos are dated on the website as March 2006 - does this mean 2008, and is that date the date the actual photos were taken, or the date posted ??

I await with interest the response from the developer as it seems that BD are as much in dark as the rest of us.

HI

I VE UPLOADED THE LATEST PHOTOS ON THIS SITE. THE DATE THEY WERE TAKEN

APROX 05/03/2008.

CHEERS.

COULD NAY BODY PLEASE POST THE CONTACT DETAILS OF THE DEVOLOPPER.

THANK YOU

HELLO

THIS IS A MESSAGE FOR TONYGI

COULD YOU PLEASE SEND ME YOUR EMAIL ADDRESS BECAUSE I COULDN'T SEND A REPLY ON THIS SITE.EYE ON SPAIN MESSAGE KEEPS POP IN OUT.

CHERIF

HI

ANOTHER EXCUSE AGAIN 7TH OF MAY THAT IS TRUE EASTER FOR THEM.

THE PROBLEM IS WHY WAIT ALL THIS TIME TO FIND OUT. 7 DAYS IS NOTHING COMPARING TO THE MONTHS WE'VE BEEN WAITING.

HAS ANY BODY GOT CONTACT DETAILS OF THE DEVELOPPER(IE EMAIL,TELEPHONE NUMBER ETC...)

KIND REGARDS

CHERIF

SENT PREVIOUS MESSAGE WITHOUT FINISHING ... PLEASE READ ON !

2.  Undertake an inspection trip and / or arrange a 'snagging' expert.

Furthermore they suggest it will, on the basis of evidence supporting the lack of work, be possible to commence legal proceedings even before the contract period of 180 days (i.e. beginning of Augst 2008) arrives.

I  would add the following:

Send your letters registered post (legal presumption of receipt) and show that it is copied to other party (i.e. Developer and BD) and give an expected (reasonable) date for a reply. All replies should be retained and any e-mails sent should be copied to yourself to similarly retain as evidence. Be careful not to agree to quick to something incase you sell yourself short.

Anyone going out should have visit witnessed including taking of photos, also as potential evidence.

We had difficulty contacting the London BD office and their phone was not working and theer was no answering machine. An e-mail suggested we contact the (Bulgarian) customercare email address, which we did asking for the loikely completion and some up to date photos. The reply was that it may be the end of the summer and the photos supplied (although not dated) showed no progress from the July 2007 update photos.

Followingnthis we contacted our Bulgarina solicitors with the 'news' and they have suggested the following:

1 Write to both the developers and BD again asking for an explanation and 'recent' photos as they (the solicitors) agree it does, from the circumstances, appear serious - mainly in that no building progress has been made in the last 6 months or more.

Construction Update

In addition to writing to BD for an update on this I have contacted other agents who have the property on their books to see if they can provide any insight into the rumour posted by Cherif. Will update this site as soon as I have any news.

 Cherif

I sincerely hope your friends have made a mistake here !

I have written to BD and asked if there is any truth in the rumour and if the worst is true we definatley need to get together as a group and consult legal advice.

Will post a reply as soon as David at BD gets back to me.